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FOR
IMMEDIATE RELEASE
STRATEGIC
MINERALS ESTABLISHES
NEW VANADIUM SUBSIDIARY IN U.S.
DANBURY, Connecticut,
July 1, 2004 - In a reorganization designed to improve the efficiency
of its vanadium business, Strategic Minerals Corporation of Danbury,
Connecticut has formed a new wholly-owned subsidiary responsible for
the Corporation's vanadium operating-and-marketing activities in the
United States. Called Stratcor, Inc., the new subsidiary consolidates
the functions previously handled by U.S. Vanadium Corporation and Stratcor
Performance Materials, Inc.
Stratcor, Inc. will manage
plants in Hot Springs, Arkansas and Niagara Falls, New York, as well
as the Corporation's strategic alliances that produce vanadium products
used by the steel, titanium, and chemical industries. It will also direct
the Corporation's technology activities at Hot Springs and its sales-and-marketing
organization in Pittsburgh.
Strategic Minerals' other
vanadium subsidiary, Vametco Minerals Corporation, will continue to
be responsible for vanadium operations in South Africa.
Hein Enslin will become President
of Stratcor, Inc. in addition to being President and Chief Operating
Officer of Strategic Minerals Corporation. The Vice Presidents of the
new subsidiary will be Daniel C. Harris, responsible for U.S. production
and technology, and Terry T. Perles, responsible for worldwide marketing.
The new General Manager of
Stratcor, Inc. will be Tim Scott, who will be responsible for the Hot
Springs operation. André Breytenbach, who was Plant Manager at
Hot Springs, will be moving to the Vametco plant in South Africa where
he will be Special Project Manager for Nitrovan® vanadium.
"As a result of a series
of consultations with our employees and our managers, we are instituting
a series of initiatives that will strengthen our organizational structure,
refine our Corporate strategies, and position our people so that they
can contribute their maximum potential towards Corporate and personal
objectives," said William G. Beattie, Chairman of Strategic Minerals
Corporation. "The new organizational structure is one of the first
results of these initiatives."
The new organization takes
effect on July 1, 2004.
July 1, 2004
For more information, contact
John Crane
telephone: (212)302-3344
email: John.Crane@stratcor.com
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